The Federal Reserve has raised interest rates for the fifth time in 2022. Today's announced move is a 0.75% base rate hike, which has in turn raised the key short-term rate to a range of 3.0% to 3.25%.
This is likely not even the last time that the central bank will raise rates in the 2022 calendar year.
USA Today is reporting that two more potential rate hikes may come before the end of the year.
โFed officials now predict the key rate will end 2022 at a range of 4.25% to 4.5%, a full percentage point above the 3.25% to 3.5% they projected in June, and close out next year at 4.5% to 4.75%, according to their median estimate. That suggests the central bank could approve another three-quarter point hike at its November meeting and then a half-point rate rise in December.โ
Federal Reserve Chairman Jerome Powell has long insisted that he is working to tame inflation to avoid a recession, but he changed his tune during a meeting of the Federal Reserve Board in Jackson Hole, Wyoming last month when he said that the rate hikes would โbring some pain to households and businesses.โ
This story is developing. Stay with American Liberty News for the latest updates.
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